Gates Industrial Says Certain Selling Stockholders Affiliated With Blackstone Commenced Secondary Offering Of 17.5M Of Its Ordinary Shares
Portfolio Pulse from Benzinga Newsdesk
Gates Industrial announced that certain selling stockholders affiliated with Blackstone have commenced a secondary offering of 17.5 million of its ordinary shares. The selling stockholders also intend to grant underwriters a 30-day option to purchase up to 2.625 million additional shares.
May 15, 2024 | 8:27 pm
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Gates Industrial's stock may experience short-term volatility due to the secondary offering of 17.5 million shares by Blackstone-affiliated stockholders, with an additional 2.625 million shares option for underwriters.
The secondary offering increases the supply of GTES shares in the market, which could lead to a decrease in the stock price in the short term due to potential selling pressure.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Blackstone's involvement in the secondary offering of Gates Industrial shares may have a minor impact on its stock, reflecting its ongoing investment activities.
While Blackstone's involvement in the secondary offering is notable, it is a routine investment activity and is unlikely to significantly impact BX's stock price.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50